Caixin Weekly | Influx of Talent in Hong Kong: Mainland Intermediaries Exposed for Forging Application Documents (AI Translation)

财新周刊｜高才涌入香港 内地中介被曝伪造申请文件

The *Hong Kong Top Talent Pass Scheme* (TTPS) has approved 81,000 applications from over 100,000 submissions by the end of September 2024, mainly from Mainland China. Since its launch, 66,000 high-talent individuals and 74,000 of their dependents have entered Hong Kong, amounting to 140,000 new arrivals. The government extends the visa for applicants with an annual income of HKD 2.5 million to three years, amid rising global competition for talent.[para. 1] However, intermediaries allegedly assist applicants in falsifying documents for high-talent Type A visas, prompting investigations.[para. 1][para. 2]

The TTPS targets high-achievers with defined criteria, permitting a two-year stay upon initial entry. The demand is high, with over 100,000 applications received and more than 90% from mainland China. Of these, 81,000 have been approved, and their dependents receive equal benefits to Hong Kong residents.[para. 3][para. 4] The talent competition post-pandemic boosts efforts to revitalize economies, with the first batch now beginning renewal processes. The TTPS expansion includes more universities and extends high-income applicants' visas to three years to attract talent globally.[para. 5] The SAR aims for "easy entry, strict renewal," measuring contributions through employment, entrepreneurship, and residence.[para. 6]

Hong Kong's talent shortage, worsened by a pandemic loss of about 140,000 workers, prompts the TTPS's broad application criteria. With 140,000 arrivals by now, only time will reveal how many gain permanent residency after passing renewals. Concerns linger over talent mismatch, with many newcomers struggling to find suitable employment in Hong Kong, mainly restricted to traditional industries. This has led some skilled individuals to shift towards sectors like insurance, where entry barriers and flexible hours align with their financial backgrounds. Yet, this shift raises questions about the alignment of newcomers’ skills with Hong Kong's industry needs.[para. 7][para. 8]

While some talents opt for entrepreneurship amid job market challenges, launching businesses is not easy. The growing number of SMEs highlights the potential for new entrants leveraging mainland connections to tap into Hong Kong markets. Success stories illustrate how applying mainland business strategies can efficiently fill local market gaps, providing cases of quicker break-even points in industries like decoration and food service, despite cost challenges.[para. 9][para. 14]

The TTPS not only targets skilled hired hands but also serves families seeking residency for children's educational prospects.[para. 19][para. 20] Many entrepreneurs and professionals view Hong Kong as a hub for expanding their children's future educational opportunities abroad or in mainland China, contributing to the competition for school placements and stirring local sensitivity to resource allocation in public services.[para. 21][para. 22] Concerns over "exam-related migration" persist, with some parents allegedly exploiting the system to secure university placements for their children in Hong Kong, drawing criticism from local groups and calls for policy revisions.[para. 22][para. 23]

However, the substantial influx may introduce cultural and employment practices from mainland China, potentially impacting Hong Kong's societal norms and business ethics. The city's appeal lies in opportunities, not welfare, and adapting to its competitive landscape requires both financial preparedness and cultural adjustment.[para. 23][para. 24] The TTPS plays a crucial role in shaping Hong Kong's future labor landscape, balancing opportunities and challenges amidst global talent dynamics.